(Alliance News) - Tessellis Spa has announced that Andrew Holt and Jeffrey Libshutz have been appointed as the company's new nonexecutive directors.

The two new co-optees will replace the resigning Alberto Trondoli and Cristina Procopio, and neither of the newly appointed hold shares in the company.

Holt has more than 20 years of experience in the investment industry, having worked in major investment funds of international standing such as Ramius Capital Group, Calder Group Holdings Ltd and ArmaVir Partners LLC. Currently, he serves as senior vice president of the Jefferies Financial Group fund.

Libshutz has 25 years of experience advising and investing in telecommunications and technology companies. Currently, he is? managing partner of ArmaVir Partners LLC, a private equity firm that makes direct equity investments in small and mid-sized operating companies. As part of ArmaVir, he co-founded Simple Broadband LLC.

Tessellis' stock is up 2.4 percent at EUR0.56 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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